The thing that worried me most in the endgame is that the [White House] would be so intent on a deal that they’d lock in too few revenues with no path back to the revenue well, and that they’d leave the debt ceiling hanging out there…. Those fears will be realized unless the President really and truly refuses to negotiate on the debt ceiling and is willing to blow past those who would stage a strategic default. If he is not, and if this cliff deal passes, then I fear the WH may have squandered its hard won leverage.

That last is apparently politico-speak for “look who just s*at the bed.” Thank G-d for House Republicans. Otherwise, this Administration would have killed itself long ago.

*Wherein I mix Hebrew and Yiddish in comments. This could become DeLong’s first entirely non-English comments thread… **Sadly, I take this as more evidence that Slouching Toward Prosperity will not be published in my lifetime.